As the scorching summer comes to end, the Centerpoint High Rise Condos are still unoccupied. That might change in the coming weeks if this new deal is approved by U.S. Bankruptcy Judge Randolph Haines.
While Mortgages Limited Securities (MLS) is hanging on by a thread, they have come to an agreement, or so it seems. This is the newest of many claimed to be "done deals", but only the next day in court will tell. The first deal included an outside investor, Stratera Portfolio Advisors that would funnel an immediate $4.8 million through MLS to Avenue Communities, developer of Centerpoint Condominiums. Apparently this deal wasn't good enough for MLS, who then sought another hard-money investor, Mountain Funding, LLC. They came in and somewhat complicated things when they demanded superiority deeds of trust, leaving the original several thousand investors with empty-pockets. The Judge was supposed to decide on that before the end of last week.
Yesterday, the Judge said he would approve an even newer deal, which only allows Centerpoint to receive an immediate $2.8 million from the first investor, Stratera. The other $2 million that was originally promised will be resolved in court on October 16 and the additional $75 million that is needed to finish the complex will also come at a later, yet unknown date.
Hang on future Centerpoint dwellers, your units will be ready soon...
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